Austin, San Antonio, Dallas, Houston Forecast a Buyer-Friendly Market in 2024

Austin, San Antonio, Dallas, Houston Forecast a Buyer-Friendly Market in 2024Source: Unsplash/ Maria Ziegler
Alyssa Ford
Published on December 07, 2023

Projections from Realtor.com anticipate a more buyer-friendly housing market in Texas come 2024. Key Texas cities like Austin are poised to see significant price drops, with predictions suggesting a possible 12.2% plunge in home values, as reported by the KXAN

San Antonio could witness a 9.4% decline, while Dallas and Houston aren't far behind with expected decreases of 8.4% and 4.5% respectively, according to a KXAN articulation of Realtor.com's findings, as the overall U.S. home prices are set to fall by an average of 1.7% next year, with the steeper dips forecasted in some of the nation's larger metro areas.

Hannah Jones, senior economic research analyst for Realtor.com, elaborated in an interview with the Houston Chronicle on the emergence from the pandemic-inflated prices, stating, "We expect that Houston and these Texas markets are going to start getting back on track with what was normal before the pandemic,"

“We’re not going to see a major breakthrough in the logjam that has been the housing market over the last year or so, but 2024 will be a baby step in the right direction,” Realtor.com’s chief economist Danielle Hale said. “It’s going to stop getting worse.” as outlined in the KXAN report.

The market is expected to confront continued challenges including low home sales, limited inventory, and a scarcity of move-in ready homes in desirable areas and while some first-time buyers might find an opening, high mortgage rates still loom as a potential deterrent, according to observations from Realtor.com featured in KXAN.